In the last week of 2024, Turkey announced a new cryptocurrency law, inspired by positive regulatory developments in major jurisdictions around the world, including Europe.
According to a document published in the Official Gazette of the Republic of Turkey on December 25, under the new law, users making transactions of 15,000 Turkish Liras ($425 USD) Users making transactions of 15,000 Turkish Liras ($425 USD) or more will be required to provide identification information to the country's #cryptocurrency providers.
The new anti-money laundering (AML) regulations are aimed at preventing the laundering of illegal and terrorist money through cryptocurrency transactions. However, cryptocurrency providers are not required to collect information on transfers of #digital assets worth $425 or less.
Turkey's new bill comes a week before the world's first comprehensive crypto regulator, the European Market for Cryptoassets (MiCA), takes effect on December 30, when interest in cryptocurrency regulation
will Turkey's crypto providers stop "risky" cryptocurrency trading?
If providers cannot obtain the necessary information from senders, cryptocurrency transfers may be classified as "risky" and the service provider may consider suspending the transaction, a new draft law says. If sufficient information cannot be obtained, the service provider may consider denying the transfer, restricting transactions with the relevant financial institution or suspending the business relationship.
As of September 2023, according to Chainalysis, Turkey is the fourth largest cryptocurrency market in the world with a turnover of $170 billion, ahead of major markets such as Russia and Canada.
The Capital Market Board of Turkey (CMB) has received a total of 47 applications from cryptocurrency companies for licenses under the new regulations until August 2024, indicating new opportunities for cryptocurrency companies in Turkey.
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